Bahrain recently launched the Aqari Data Bank, a real estate data bank platform, one of the many e-services initiated by the kingdom’s Real Estate Regulatory Authority (RERA).
Aqari Data Bank is an artificial intelligence (AI) powered platform that provides real estate agents with all the necessary information about the sector.
Real estate information
H.E. Sheikh Khalid bin Abdullah Al Khalifa, deputy prime minister; H.E. Sheikh Salman bin Abdullah Al Khalifa, president of Survey & Land Registration Bureau (SLRB); H.E. Sheikh Salman bin Khalifa Al Khalifa, minister of finance and national economy; along with several ministers, officials, and heads of real estate companies attended the launch.
The deputy prime minister said that launching the Aqari platform reflects the foundations of good governance on which government work is based. Moreover, Aqari’s launch will help strengthen integration among government agencies and enhance strategic planning.
Aqari is part of RERA’s initiatives in digital transformation that aligns with Bahrain’s National Real Estate Plan (2021-2024). It aims to create a sustainable real estate sector and transform the industry into a positive engine for growth.
Real estate developments
Meanwhile, Sheikh Khalid bin Abdullah stressed that keeping pace with the developments in the real estate sector helps Bahrain keep in step with best international practices. Hence, this requires continuous effort to modernize and develop the sector. This is important especially because the property sector is a vital contributor to Bahrain’s economy and the non-oil GDP.
He also underlined the importance of integrating advanced technologies to serve customers. Hence, Aqari aims to facilitate their experience by following the principles of disclosure, clarity, and transparency. This enhances their confidence and enables them to make sound decisions. This is crucial as Bahrain is seeking to provide a sustainable and flexible environment that encourages local and foreign investment.
Read: What is a RERA rent calculator and how to use It?
Aqari’s significance
The launch of the first phase of the platform is a progressive step in the digital transformation of the sector. Aqari marks a new stage of real estate operations based on comprehensive data and information. To give investors equal opportunities, Aqari will provide accurate and transparent information to everyone.
When properly utilized, Aqari will help improve the success rate of real estate projects. It will also be crucial to developers and brokers in reducing the level of risk or enhancing their projects’ returns. Therefore, it will contribute to the success of real estate projects, achieving growth in the real estate sector and contributing more to the overall output of the Bahraini economy.
Additionally, Aqari aims to achieve sustainability in the real estate sector by providing information and making it available to everyone. This will enhance effective decision-making and achieve a sustainable real estate system.
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